Speaking ahead of the meeting, Trump said he had an "incredible relationship" with President Xi. The escalating trade war raised concerns in China as its economy was on the downward trend amid efforts by the government to rejig the export dependent economy to that of relying more on domestic consumption. The results of the meeting may ultimately resolve differences and lower tariffs that affect more than half of all trade between the U.S. and China.
Trump had cancelled a scheduled bilateral meeting with Putin in Argentina, but White House spokeswoman Sarah Sanders said the two did have an "informal" conversation when they crossed paths at a summit dinner Friday.
"There's some good signs", he said.
The pauses allows Xi to stave off an escalation of the pressure that higher tariffs would place on his country's slowing economy.
The U.S. has imposed import taxes on $250 billion worth of Chinese products, citing predatory trade practices by the Chinese, and China has countered by targeting $110 billion in U.S. imports.
"This was a rare opportunity for China because (the mid-terms) made Trump a lame president".
The U.S. side, he added, is ready to increase cooperation with China through consultations and actively seek mutually beneficial solutions to their problems.
Trump may come under pressure once scrutiny of the cease-fire reveals that Xi got off "without yielding any meaningful concessions", said Brock Silvers, managing director of Shanghai-based investment advisory Kaiyuan Capital. -China relations pivoted so closely around individual personalities, Aaron Friedberg, a China specialist at Princeton University, said.
Indeed, the truce is only partial.
Trump said earlier that they are ready to slap additional tariffs on Chinese goods worth $267 billion. "The two heads of state reached consensus to halt the mutual increase of new tariffs", Wang said.
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United States analysts were cautiously optimistic, noting that all tariffs so far imposed remain in place.
Chinese officials also reacted positively to the talks.
The White House made clear that the 10 per cent tariffs would still leap up to 25 per cent if China doesn't meet United States demands in 90 days.
"We are unsure how serious the United States administration is about the "ceasefire" declaration", ANZ Research said. "China is unlikely to compromise on this issue", the professor noted.
"These are deeply-seated issues which are hard to resolve soon", ANZ Research said.
The U.S is unhappy with what it says is the WTO's failure to hold Beijing accountable for not opening up its economy as envisioned when China joined the body in 2001.
Joining other forecasters, economists at the Organisation for Economic Co-operation and Development last week downgraded their outlook for global economic growth next year to 3.5 percent from a previous 3.7 percent, citing the trade conflict, as well as political uncertainty. For example, the Trump administration's concerns about China's alleged theft of USA intellectual property remain in place and Beijing's broader push for indigenous advances in its hi-tech sector under the aegis of the "Made in China 2025" initiative have yet to be addressed.
A stronger USA and China would only make the world even stronger and more prosperous.
To add to the growing tension, the U.S. is now blaming China for the opioid crisis as increasing numbers of Americans are dying after overdosing on synthetic drugs.